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IQ Option vs Covenance
Both forex brokers have built a positive reputation, and feedback from our members supports that.
That said, IQ Option currently holds a stronger overall rating (4.3) than Covenance (0).
IQ Option has a lower minimum deposit, at 10.0.
Both platforms offer their clients demo accounts, mobile trading.
Traders should note that
IQ Option offers a minimum lot size of 1.0 and a maximum lot size of 20000.0, while Covenance offers 0.01 and 100.0.
IQ Option offers a greater leverage limit of 1:500, whereas Covenance allows a maximum of only 1:100.
If youre unsure which of these two brokers to choose, you can always explore our full list of recommended brokers here or ask for opinions from other members in Myfxbook Community.
If youre unsure which of these two brokers to choose, you can always explore our full list of recommended brokers here or ask for opinions from other members in Myfxbook Community.
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Overall Rating:
Platform:
Pricing:
Customer service:
Features:
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| Minimum deposit ($) | 10.0 | 30.0 |
| Commission | 0.0 | 12.0 |
| Accepting US clients? | ||
| Swap free accounts | ||
| Segregated accounts | ||
| Interest on margin | ||
| Managed accounts | ||
| Accounts for money managers (MAM, PAMM) | ||
| One click trading | ||
| API | ||
| OCO orders | ||
| Trading over the phone | ||
| Hedging allowed | ||
| Trailing stops | ||
| Mobile trading | ||
| Scalping allowed | ||
| Bonuses | ||
| Demo Accounts | ||
| Web based trading | ||
| Contests | ||
| Decimals | 5 | 5 |
| Minimum lot size | 1.0 | 0.01 |
| Maximum lot size | 20000.0 | 100.0 |
| Spread | Variable | Variable |
| Broker type | Dealing Desk | STP, ECN, Cent |
| Maximal leverage (1:?) | 500 | 100 |
| Availability | Dealing Desk | STP, ECN, Cent |
| Regulation | CySEC (Cyprus) | - |
| Trading Platforms | Web Platform, Mobile Platform | MetaTrader 5 (MT5) |
| Funding/Withdrawal methods | Wire Transfer, Credit Card, Debit Card, Check, Online Check, WebMoney, cashU, Neteller, Skrill, FasaPay, Qiwi, Bitcoin, WeChat Pay, iDeal, Sofort Banking | Bitcoin, Crypto, USDT |
| Account Currency | USD, GBP, EUR, ZAR, RUB | USD |
| Languages | English, Spanish, French, German, Portuguese, Italian, Greek, Russian, Chinese, Bangla, Polish, Indonesian, Thai, Arabic, Vietnamese, Dutch, Swedish, Urdu, Hindi, Czech, Latvian, Romanian | English |
| Country | Antigua and Barbuda | Comoros |
| Trading platform(s) timezone | Antigua and Barbuda | Comoros |
| Other trading instruments | Stocks, Options, Indices, Commodities, Energies, Shares, CFDs, Cryptocurrency, Precious Metals | - |
| spreads | ||
| EUR/USD | - | - |
| GBP/USD | - | - |
| USD/JPY | - | - |
| USD/CAD | - | - |
| XAU/USD | - | - |
